Symmetrical triangles more times than not break out to continue a previous trend, in this case bullish. Thoughts on how it might look in the days, weeks ahead.
This is the IVOO ETF, but looks very similar to SPY. The question is which way does it break. For reference ("gee that looks almost... wow that's like identical")
Check it. stockcharts.com
One can easily there's a triangle pattern forming on SPY, it's on the DIA too... but regardless, there's the 200 SMA holding up price and we're neatly tucked between the 20 and 50 SMAs. The daily and weekly stochastics are turning up so price moving back up into the 270 area wouldn't be surprising. It's just what does it do from there. If its a triangle pattern,...
Other than the messiness of 2015 and 2016 the 50 EMA on the weekly has been a clear indicator of market support. While people will say that we've been in a bull market for 8-9 years they often forget that protracted sideways move with significant breaches of the weekly MAs. Well we're bouncing off the 50 again or at least it seems but will it hold. I think its...
Facebook gapped up over significant resistance but right into the daily 200. Today, we saw a retest of the 200 SMA. Nature (and the markets) abhor a void, and with stochastics turning up on both the daily and weekly charts, there a good chance FB fills the gap up to 185. Either way the pullback into the 200 made for a nice entry on a 15 minute chart and a...
